HOUSTON, Oct. 12, 2000 (PRNewswire)—Following the recent announcement of a definitive agreement between three international companies on the purchase of Fletcher Challenge Energy, representatives from one of the companies have cautioned that the deal is still subject to approval from the New Zealand Commerce Commission.

The previously announced definitive agreement between Fletcher Challenge, Shell Overseas Holdings Limited and Apache Corporation for the purchase of Fletcher Challenge Energy, which is subject to numerous regulatory approvals, has not received the approval of the New Zealand Commerce Commission.

Regulatory review is a necessary step in transactions of this kind, Apache said, and Shell will be meeting with the Commerce Commission at the earliest opportunity.

Apache noted that Shell will be working with the Commerce Commission to find a solution that will enable the transaction to move forward in a timely manner.